Risikoberichterstattung

Risk reporting, which is specified in German management reports by DRS 5, is currently in vogue internationally. It aims to provide recipients with relevant and reliable information for decision-making. To comprehensively analyze the usefulness of the risk report for its recipients, this work connects it for the first time to risk management and primarily examines the disclosure incentives of managers from a game-theoretical perspective. This reveals significant leeway in risk reporting, which can only be limited to a certain extent through auditing, liability, and standardization of publicity. Against this backdrop, existing national and international standards for risk reporting are compared and critically assessed. The results of the work are sobering: the informational function of the risk report is overestimated just as much as the exemplary function of DRS 5.